Your Money or Your Life File: Combatting ransomware threats.

• Author: Barbour, Tracy

Ransomware is the top cybersecurity threat to businesses today--and it is expanding at an alarming rate. In 2020, Alaska reported a record number of complaints about ransomware and other cybercrimes to the FBI's Internet Crime Complaint Center (IC3). On a perperson basis, Alaska recently ranked as one of the country's least secure states, according to Todd Clark, president of DenaliTEK and Cybersecure Alaska. "Per capita, Alaska had more cybercrimes reported in both 2018 and 2019 than any other state in America," he says. "Alaska was 4th least secure in both 2020 and 2021"

"Alaska is home to many military bases, energy companies, and government agencies," says David W. Monroe, a cybersecurity consultant with Computer Task Group (CTG). which provides digital transformation solutions. "These industries and organizations have always been prime targets for ransomware attacks. Recently, news agencies in Alaska have been reporting on an increase in attacks on educational institutions as well."

In the past few years, cyberattacks in Alaska have trespassed a variety of entities: Ravn Alaska, the formerly-named Alaska Department of Health and Social Services, the Alaska Court System, the Matanuska-Susitna Borough, and the city of Valdez. As a preemptive move, the Alaska Division of Banking and Securities recently urged financial institutions and industries to monitor current events in Ukraine and Europe. "Events could pose significant cybersecurity risks for the US financial sector." the alert said.

Ransomware is an insidiously debilitating form of malware. Once installed, the software encrypts all the files it can find on a machine, along with any shared networks and devices. Then it locks users out of devices or blocks access to files until they pay a ransom or meet some other demand in exchange for decryption. "One of the most common methods of attack is to exploit the human factor through malicious phishing emails with infected attachments or links to malicious sites," Monroe says. "These can include not only executable files but common file types, including MS Office files such as .doc and .dot that are easily opened with popular desktop applications."

A ransomware infection can wreak havoc on victims, causing extensive business interruption losses, legal expenses, and reputational damage. The average cost of a ransomware breach was $4,62 million in 2021, according to IBM's "Cost of a Data Breach 2021" report. That figure does not include the ransom payment, which represents only 15 percent of the total cost of an attack.

"By 2025, cybercriminals are expected to take home over $10 trillion," says Keri Parsons, security culture and engagement manager at GO. "These are not your teenage hackers hanging out in mom's basement, rocking a dark hoodie, and drinking excessive amounts of energy drinks. Today's adversaries are organized criminals, operating with nation-state backing and their own 'call centers' of employees. Many are becoming household...